Nivdia is now the world’s most valuable company, unseating Microsoft as investors bet its AI dominance will remain unmatched for now.
The chipmaker’s market value crossed $3.33 trillion Tuesday, surpassing the software giant’s $3.32 trillion. Apple, which was unseated by both, has a market value of $3.327 trillion. Despite the gains, the trio are neck-and-neck.
"We continue to believe this is a stock or company that can continue to grow the earnings trajectory over the next five years by north of a 30% annualized pace" said CFRA research analyst Angelo Zino during an appearance on Varney & Co.
Zino raised his price target to $139 per share. The stock, already this year, has gained over 174%.
NVIDIA'S CEO JENSEN HUANG A BIG HIT IN TAIWAN
Nvidia is also fresh off its 10-for-1 stock split which began trading on June 10. Mutual fund managers and various exchange-traded funds, are also adjusting for the split which could be contributing the trading action.
